Bunge Ltd. posted stronger-than-expected fourth-quarter earnings on Wednesday, Feb. 10, and said its full-year adjusted profit would top estimates due to strong demand and tight commodity supplies, according to a Reutersreport.
Bunge’s fourth-quarter earnings, propelled by strong oilseed processing margins and robust North American exports, offered the latest look into how the coronavirus pandemic is impacting the world’s largest grain traders.
“Our performance in 2020 was exceptional reflecting the earnings strength of our platform," said CEO Greg Heckman.
"Our talented team and new operating model allowed us to capture the upside from market opportunities and deepen customer partnerships."
Despite massive shifts in food and fuel demand as consumers curbed travel and shifted from eating at restaurants to cooking more meals at home, Bunge and rivals ADM, Cargill, and Louis Dreyfus, have weathered the pandemic.
Net income attributable to Bunge stood at $551 million, or $3.74 per share, in the quarter ended Dec. 31, compared with a loss of $51 million, or 48 cents per a share, a year earlier.
To read the full Bunge earnings report, click here. For the full Reuters article, click here.
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